Space Robotics Market to Reach $8 billion, Globally, by 2031 at 6.9% CAGR: Allied Market Research
PORTLAND, Ore., Feb. 14, 2023 /PRNewswire/ — Increase in investments in space robotics, rising demand for satellite launches, and the surge in the number of joint ventures by major players to broaden their business and geographic reach across the world drive the growth of the global space robotics market.
Allied Market Research published a report, titled, “Space Robotics Market by Solution (Remotely Operated Vehicles, Remote Manipulator System, Software, Services), by Application (Deep Space, Near Space, Ground), by End User (Commercial, Government): Global Opportunity Analysis and Industry Forecast, 2021-2031″ According to the report, the space robotics industry generated $4.3 billion in 2021 and is estimated to reach $8 billion by 2031, witnessing a CAGR of 6.9% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chains, regional landscapes, and competitive scenarios.
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Drivers, Restraints, and Opportunities–
Increase in investments in space robotics, rising demand for satellite launches, and the surge in the number of Joint ventures by major players to broaden their business and geographic reach across the world drive the growth of the global space robotics market. On the other hand, high costs associated with space exploration missions restrain the market growth to some extent. However, technological advancements in the space industry and the use of software-defined technology in space robots are expected to create lucrative opportunities in the industry.
Due to the measures put in place to curb the spread of COVID-19, the growth of global space robotics companies was disrupted in 2020. The restrictions imposed by governments led to disruptions in research and innovation initiatives, which are often the first to experience disruptions during economic downturns.
Despite the challenges posed by the COVID-19 pandemic, the space robotics industry has managed to stay afloat and even explore new opportunities. This is due to the increasing demand for various space-related applications during this time, which has kept many space robotics initiatives in motion.
The services segment to maintain its dominance during the forecast period–
By solution, the services segment held the highest share in 2021, holding more than two-fifths of the global space robotics market revenue, and is projected to maintain its dominance by 2031. The rising number of space test missions introduced in outer space and earth orbits along with a growing number of space programs by developed and developing regions drive the growth of the segment. The remotely operated vehicles segment, on the other hand, would showcase the fastest CAGR of 8.5% during the forecast period. This is due to their ability to operate without real-time assistance from ground control throughout their operation.
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The near space segment to rule the roost–
By application, the near space segment accounted for nearly three-fifths of the global space robotics market revenue in 2021 and is projected to rule the roost by 2031. The growing need for continuous servicing & maintenance of active satellites, inflowing government investments, and increasing number of space research & exploration projects across the world are the factors driving the growth of the segment. The ground segment, on the other hand, display the fastest CAGR of 9.6% throughout the forecast period. The rising R&D activities have boosted the demand for space robots in ground applications, thus driving the segment growth.
The commercial segment held the lion’s share in 2021
By end-user, the commercial segment has garnered the major share in 2021, generating more than two-thirds of the global space robotics market revenue, and is anticipated to grow by 2031. This is because the growing number of threats in military security have been ultimately fostering the need for satellite communication services as a part of ensuring reconnaissance, surveillance, and intelligence application areas. The government segment, on the other hand, would display the fastest CAGR of 9.0 % throughout the forecast period. This is attributed to the fact that government projects have recently covered most of the headlines and public sector activity has also increased significantly. For example, NASA announced the launch of the first-ever manned mission to the International Space Station in 2020 using a commercial rocket after the UK’s shuttle program was terminated in 2011. This marks a significant turning point in the government’s cooperation with businesses in the field of space, helping the market for space robotics to expand with the government as its primary beneficiary.
North America held the major share in 2021
By region, North America accounted for the highest share in 2021, holding nearly three-fifths of the global space robotics market revenue. To cater to the rising demand for commercial purposes, hundreds of new satellites are expected to be launched in near future. Also, the governing relaxation on the sale of high-end satellite images for commercial uses is one of such measures that has offered lucrative opportunities for the market growth across North America. LAMEA, simultaneously, would portray the fastest CAGR of 12.1% from 2022 to 2031.
Leading Market Players–
- Northrop Grumman Corporation,
- honeybee robotics,
- Oceaneering International, Inc.,
- Astrobotic Technology,
- Olis Robotics,
- space applications services nv/sa,
- ispace inc.,
- Altius Space Machines,
- Maxar Technologies,
- motiv space systems, inc.
The report analyzes these key players in the global space robotics market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report helps determine the business performance, operating segments, developments, and product portfolios of every market player.
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Deep Space Robotics Market Research Report 2023-2035
Near Space Robotics Market Research Report 2023-2035
Automotive Robotics Market Research Report 2023-2035
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